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Turkmenistan to open embassy in Italy

Turkmenistan will open the embassy in Italy. The relevant document was signed by Turkmen President Gurbanguly Berdimuhamedov.

Earlier it was reported that the sides call the oil and gas industry, power engineering, construction, textile and chemical industries as the perspective vectors for further mutually beneficial cooperation.

The Italian oil company Eni extended its activity in Turkmenistan in November 2014 as part of the Production Sharing Agreement (PSA) for ten more years. The signing ceremony of the document was held in Ashgabat as part of Italian Prime Minister Matteo Renzi's working visit to Turkmenistan.

The activity of Eni, which has invested more than $1.5 billion in Turkmenistan since 2008, covers the contract territory of more than 1,000 square kilometers in the Balkan region of the country.

As it is known, Ashgabat actively invites foreign companies, including those from Europe, for the development of hydrocarbons in the Turkmen part of the Caspian Sea. Some 11 billion metric tons of oil and 5.5 trillion cubic meters of gas of the projected resources, excluding the already contracted blocks, have been concentrated there.

Eni expressed interest in exploring the offshore blocks 19 and 20 in the Turkmen part of the Caspian Sea with reserves of more than 500 million metric tons of oil and 630 billion cubic meters of natural gas.

Earlier during the talks with Turkmenistan, Eni management voiced its desire in the long term to assist with Turkmen gas supply to the world markets.